Gold and silver prices scaled fresh record highs on Tuesday, extending gains from the previous session after US President Donald Trump announced tariff threats linked to Greenland on European countries, reigniting trade war concerns. The escalation in tensions between the US and Europe has heightened global uncertainty, driving investors towards safe-haven assets and boosting demand for precious metals.
MCX gold futures due February 5, 2026 rose Rs 1,300 or 1% to Rs 1,46,988 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery surged Rs 7,869 or 2.5% to Rs 3,19,949 per kg.
In the international market, COMEX silver prices surged to a fresh record of $94.74 per troy ounce on Tuesday as US President Donald Trump’s push to take control of Greenland heightened fears of a potential trade conflict between the US and Europe, unsettling global markets. Yellow metal gold hovered near record levels at $4,670.
However, both precious metals later pared some gains after a sharp rally in the previous session, which was triggered by Trump’s announcement of proposed tariffs on eight European countries opposing his Greenland move.
How should you trade gold?
Precious metals are witnessing elevated price volatility, though silver is expected to hold its key support near $84 per troy ounce, while gold is likely to sustain support around $4,440 per troy ounce on a closing basis, says Manoj Kumar Jain of Prithvi Finmart.
Gold and silver prices are expected to remain volatile through the week amid fluctuations in the dollar index, ahead of the US Supreme Court’s decision on Trump-era tariffs, and ongoing geopolitical tensions.
In the international market, gold has support in the $4,635 to $4,610 range, with resistance seen at $4,700 to $4,740 per troy ounce. Silver is supported between $91.40 and $88, while resistance is placed at $96.60 to $98.80 per troy ounce in today’s session, Jain added.
On the MCX, gold finds support at Rs 1,44,800 to Rs 1,44,100, with resistance at Rs 1,46,350 to Rs 1,47,000. Silver has support at Rs 3,03,000 to Rs 2,96,600, while resistance is seen at Rs 3,14,000 to Rs 3,22,000.
The strategy remains to buy gold and silver on dips, targeting Rs 1,48,000 for gold and Rs 3,22,000 for silver, while maintaining a stop loss below Rs 1,44,000 in gold and below Rs 2,98,000 in silver.
Gold rates in physical markets
Standard gold (22 carat) prices in Delhi stand at Rs 1,07,368 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,17,120 per 8 grams.
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,248 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,17,000 per 8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,608 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,17,392 per 8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,248 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,17,000 per 8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
